This test is tried and true... It has been used long before the Internet or you and I were around to question why.... It works because of the air cell in the egg. If there was not a air cell large enough to float the egg. There was not enough air cell to support a chick hatching, the point of the air cell in the first place. Is it possible that your humidity was high and prevented evaporation from the egg, thus forming too little air cell? This is about the only explanation I can see that would explain egg sinking and a live chick... But I'm here to tell ya float testing works!